CIA (e)Bulletin/(e)Bulletin de l'ICA
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October 2016

Free Continuing Professional Development

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Here is this month’s free archived webcast:

Enhancing Pricing Precision for Today’s Market: The Path to Consumer Centricity

Reuven Shnaps, PhD, VP professional services, Earnix

In response to new market realities, a growing number of North American insurance companies have recognized the need to establish tighter and more engaging relationships with their customers, and are doing so with improved use of analytics.

In the modern age of insurance, financial institutions collect large amounts of customer data. Utilizing a variety of different channels, insurance companies have more information than ever before. However, to improve customer experience, they need to use this information intelligently. The implementation of customer-centric processes and technology does not happen overnight. In the North American insurance industry, a successful implementation necessitates a robust process and technological solution that can cope with a number of specific challenges including the following:

  • Effective ways of dealing with "big data";
  • Lack of in-house analytical sophistication;
  • Limited time-to-market capabilities; and
  • The ability to measure the impact of pricing decisions.

This session reviewed common hurdles to adopting these advanced analytics techniques and proposed effective solutions to address some of the challenges along the path to customer centricity:

  • How can insurance companies use data they already collect to improve their understanding of customer behavior and experiences?
  • How can insurance companies establish a tighter and more informed relationship with their customers through improved use of analytics?
  • What are the most common challenges that must be overcome and what are the best practices that should be applied?
  • What techniques can be used to measure the results?

To access the webcast, click the link and log in: free CIA webcast.


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